NEW YORK, Aug 8 Reuters Immersed Inc, a maker of software used in augmented and virtual reality ARVR technology for remote working, has struck a deal to go public through a merger with a blankcheck acquisition firm, according to people familiar with the matter.

Immersed will merge with Maquia Capital Acquisition Corp, a special purpose acquisition company SPAC, in a deal that values the Austin, Texasbased firm at about 150 million, the sources said.

As part of the deal, Immersed is raising bridge financing through convertible notes from investors including Intel Corp Chief Executive Pat Gelsinger, former football player Tim Tebow, and All Blue Capital.

The deal value does not include the proceeds of 160 million that Maquia Capital Acquisition raised in May 2021, the sources said, adding that Immersed is in talks to raise additional financing through a private investment in public equity PIPE.

Immersed expects to have access to the proceeds raised by the SPAC, barring redemptions, the sources said. The transaction will be announced as early as Wednesday, the sources added.

SPACs, or blankcheck firms, are shell companies that raise money in an initial public offering IPO and put it in a trust for the purpose of merging with a private company and taking it public.

Dealmaking involving such investment vehicles peaked during 2021, before falling out of favor with investors who were left nursing huge losses from most of these deals.

Founded in 2017 by software engineer…